Date of Report
October 3, 2024
Broker Name
CGS International
Company Overview
China Resources Beer (Holdings) Company Limited specializes in the production, sale, and distribution of beer products. It primarily serves clients in Hong Kong, providing a variety of alcoholic beverages.
Technical Analysis
- Recommendation: Technical Buy
- Last Price: HK$35.85
- End of Larger Degree Corrective Wave: The stock has seen a significant breakout, indicating the potential resumption of an upward trend.
Entry and Target Prices
- Entry Price(s):
- HK$35.85
- HK$28.30
- HK$23.40
- Stop Loss: HK$19.70
- Target Price(s):
- Target 1: HK$46.45
- Target 2: HK$62.50
- Target 3: HK$77.40
- Target 4: HK$84.50
Technical Snapshot
- Price Action: Strong breakout from the downtrend line confirms a bullish trend.
- Volume: Rising volume supports the upward price movement.
- Ichimoku Indicator: Prices are trending above this indicator, confirming the bullish trend.
- MACD: The long-term MACD performed a crossover, indicating a bullish momentum.
- RSI: Bullish divergence noted on the 14-week RSI, confirming the rebound.
Conclusion
China Resources Beer Holdings Co Ltd (291) shows strong technical indicators and is positioned for potential growth in the upcoming months as the market trends upward.
